RIYADH, 3 March 2007 — The National Company for Cooperative Insurance (NCCI) announced on Thursday the formation of its religious committee tasked with overseeing the NCCI’s regulations, laws and programs to ensure compliance with Shariah. NCCI CEO Ali Al-Subaiheen said that three prominent religious scholars have joined the committee: Sheikh Abdullah Suleiman Bin Munei, Sheikh Muhammad Ali Bin Eid, and Sheikh Rashid Al-Ghunaim.
“The company was keen on choosing religious scholars with extensive experience in insurance and investment,” Al-Subaiheen said. “This will reflect positively on the company’s performance.” According to the CEO, the religious committee will issue fatwas (religious edicts) on the company’s contracts, transactions, as well as its internal and external regulations.
“They will also review new regulations, products, and see to it that they are based on Shairah laws,” he added. The religious committee will also have the task of preparing a report after the announcement of NCCI’s annual financial report regarding its strict compliance to regulations according to Shariah law. Furthermore, it will tender to the administration any observations in its financial report to apply any changes before it is announced publicly.